Dover Corporation recently released its 10-K report, providing an in-depth look at its financial performance and operations. The company, headquartered in Downers Grove, Illinois, is a global manufacturer and solutions provider offering a wide range of equipment, components, consumable supplies, aftermarket parts, software, and digital solutions. Dover operates through five segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies.
In the year ended December 31, 2024, Dover reported consolidated revenue of $7.7 billion, reflecting an increase of 0.8% compared to the prior year. This growth was primarily driven by acquisition-related growth of 3.0%, partially offset by a disposition-related decline of 2.0% and an unfavorable impact from foreign currency translation of 0.2%. The company's organic revenue remained flat, with solid demand across most end markets and strategic pricing initiatives. Moreover, bookings increased by 7.3% over the prior year to $7.7 billion.
From a geographic perspective, organic revenue in the U.S., Dover's largest market, grew by 3.8% compared to the prior year, driven by broad-based growth primarily in the Engineered Products and Clean Energy & Fueling segments. However, revenue in Asia and Europe declined by 7.1% and 3.1%, respectively, while revenue in Other Americas grew by 5.6%. All other geographic markets declined by 17.4% organically year over year.
During the year ended December 31, 2024, Dover completed eight business acquisitions for approximately $674.0 million, net of cash acquired and inclusive of measurement period adjustments and contingent consideration. Additionally, the company completed the sale of the De-Sta-Co business, resulting in a pre-tax gain on disposition of $530.3 million. Furthermore, a minority-owned equity method investment held within the Climate & Sustainability Technologies segment was sold, resulting in a preliminary pre-tax gain of $67.4 million.
In terms of financial performance, for the year ended December 31, 2024, Dover reported revenue of $7.7 billion, a 0.8% increase from the prior year. Gross profit increased by 3.2% to $3.0 billion, with a gross profit margin of 38.2%. Selling, general and administrative expenses increased by 6.3% to $1.8 billion, representing 22.6% of revenue. The company's effective tax rate was 20.3% for the year, compared to 16.0% for the prior year.
Earnings from continuing operations for the year ended December 31, 2024, increased by 48.3% to $1.4 billion, or $10.09 per diluted share, compared to $943.9 million, or $6.71 per diluted share, for the year ended December 31, 2023. This increase was primarily driven by gain on dispositions, pricing actions, and benefits from productivity initiatives, partially offset by lower volumes across some of the company's businesses and increased selling, general and administrative expenses. Following these announcements, the company's shares moved -0.2%, and are now trading at a price of $202.33. Check out the company's full 10-K submission here.
